Clayton, Oklahoma Property Taxes
The median property tax rate in Clayton, Oklahoma is 0.75%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $70,504 in Clayton, the typical annual property tax bill amounts to $525, significantly below the national median of $2,690. Property taxes in Clayton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Clayton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in Clayton or another part of Latimer County, gaining insight into the local property tax system can provide financial benefits for both homeowners and real estate investors.
Last Updated June 14, 2024
Clayton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$529
Ownwell’s Clayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clayton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Clayton, Oklahoma
Property taxes in Clayton, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clayton is 0.65%, significantly lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Clayton set these rates annually, and they can vary across different neighborhoods. Each year, Clayton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Clayton's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in county 40077 is 0.65%, while the lowest median tax rate is also 0.65%. Understanding how these cities compare with Clayton provides valuable insights into the varying tax landscape across county 40077, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clayton Tax Rate
0.75%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clayton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74536 | 0.38% | 0.57% | 0.75% | 0.85% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Clayton, Oklahoma
In Clayton, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Latimer County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Clayton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Clayton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clayton is $70,504, with the 25th percentile tax bill at $268 and the 75th percentile at $876. The highest and lowest median tax bills are both $525, found in zip code 74536.
Average Clayton Assessed Value
$70,504
Average Latimer County Assessed Value
$59,905
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clayton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74536 | $33,550 | $46,412 | $70,504 | $109,052 | $234,785 |
Source: Ownwell
Property Tax Bills Across Clayton, Oklahoma
In Clayton, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. Factors such as recent sales of similar properties, the condition of the property, and any improvements made can influence this assessment. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Clayton, the median property tax bill is $525.00, which is notably lower than the national median property tax rate of 0.99%. For homeowners, this means that owning property in Clayton can be more affordable compared to other regions. However, tax bills can vary significantly within the city. For instance, the tax bill at the 25th percentile is $268, while at the 75th percentile, it rises to $876, and at the 90th percentile, it can reach up to $1430. These variations can affect homeowners differently, depending on the assessed value of their property and the specific tax rate applied.
Average Clayton Tax Bill
$525
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Clayton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74536 | $170 | $268 | $525 | $876 | $1,430 |
Source: Ownwell